GREAT AMERICAN INSURANCE COMPANY ANNOUNCES EXTENSION OF TENDER OFFER FOR COMMON STOCK OF STI GROUP, INC.
CINCINNATI, Nov. 20 ~PRNewswire~ -- Great American Insurance Company, a wholly owned subsidiary of American Financial Corporation, today announced that it is extending the expiration date of its offer to purchase shares of common stock of STI Group, Inc. from Nov. 20 to Dec. 11, 1992 at 5 p.m. The offer is for up to 5,140,973 shares of STI common stock at $7.25 net cash per share. To date, approximately 9.5 million shares have been tendered in response to the offer. All shares tendered, including shares tendered to date, may be withdrawn at any time prior to completion of the offer. The offer is subject to a number of conditions, including among others, that all of the conditions necessary for the consummation of the acquisition by STI Group, Inc. of Great American Life Insurance Company, a wholly owned subsidiary of Great American Insurance Company, be met and that the acquisition be approved by stockholders of STI Group, Inc. at a special stockholder's meeting expected to be held in December. The board of directors of STI Group, Inc. has recommended that STI stockholders accept the offer. Great American Insurance Company has agreed to extend the offer until all conditions to the acquisition have been satisfied or the related agreements have been terminated. The common stock of STI Group, Inc. is listed on the New York Stock Exchange under the symbol SPG. The offer is being made solely through an Offer to Purchase and a Letter of Transmittal, which have been filed with the Securities and Exchange Commission and which have been sent to stockholders of STI Group Inc. Great American Insurance Company expects to distribute supplemental tender offer materials in the next two weeks. The supplemental materials will include additional information concerning the transactions and the financing required for the completion of the transactions. Copies of the Offer to Purchase and the Letter of Transmittal may be obtained from the Depositary which is Securities Transfer Company, P.O. Box 1906, Cincinnati, Ohio, 45202. Attention: Tenders and Exchanges, 513-579-2414 or 800-368-3417. -0- 11~20~92 ~CONTACT: Sandra W. Heimann for Great American Insurance Company, 513-579-2121~
CO: Great American Insurance Company ST: Ohio IN: INS SU:
LC -- CL018 -- 3593 11~20~92 17:53 EST
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|Date:||Nov 20, 1992|
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